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LONDON (Alliance News) - London & Associated Properties PLC urged investors Monday to reject a shareholder request for a proposal to allow an exit for investors at a price higher than the current share price as "ill-conceived and opportunistic".
The property firm said investors holding 4.6 million shares, or a 5.3% stake in the company, had requested a board proposal to allow shareholders - outside the Heller family - to realise their investment at no more than a 7.5% discount to net asset value. The proposal was submitted by Maland Pension Fund, of which Andrew Perloff is a trustee.
Perloff is also chairman of Panther Securities PLC.
At the end of June 2017, net asset value per share stood at 44.55 pence. Shares in London & Associated were 9.8% higher at 28.00p on Monday.
Under company law, London & Associated is obligated to include the resolution in the notice of its annual general meeting to be held in June. The company did, however, dismiss the move as "pure opportunism" in the wake of its GBP37.3 million cash sale of Brixton Markets in London which generated a "substantial" profit for the firm.
London & Associated sold Brixton Markets - including Brixton Village and Market Row - in late February.
"We have always, and continue to, maximise shareholder value through active portfolio management and a strategic acquisition and disposals programme", Chief Executive John Heller said.
"Despite the challenging conditions being experienced in UK retailing, our investment portfolio continues to perform well and the recent sale of our Brixton Markets will enable us to invest in new and exciting opportunities," Heller added. "This in turn will create growth and secure further shareholder value."
"We regard this proposal as ill-conceived and opportunistic and do not believe it will benefit shareholders in the long term", Heller concluded.
The board of London & Associated - including Chairman Michael Heller, CEO John Heller and Finance Director Anil Thapar - recommended shareholders vote against the proposal. The board directors added they would vote against the proposals themselves using their voting rights, equivalent to a 56.4% stake.